Decision Support System for Dynamic Pricing of Parallel Flights

In the recent years, traditional revenue management (RM) models are shifting from them from quantity-based to price-based techniques and incorporating individuals’ decisions within optimization models. In this paper, we have replaced, quantity-based with price-based techniques and proposed the MNL to capture more choice probabilities Computation results indicate the obtained revenue by using proposed model for deciding about the most appropriate product for offering to the customersIn the recent years, traditional revenue management (RM) models are shifting from them from quantity-based to price-based techniques and incorporating individuals’ decisions within optimization models. In this paper, we have replaced, quantity-based with price-based techniques and proposed the MNL to capture more choice probabilities Computation results indicate the obtained revenue by using proposed model for deciding about the most appropriate product for offering to the customers.In the recent years, traditional revenue management (RM) models are shifting from them from quantity-based to price-based techniques and incorporating individuals’ decisions within optimization models. In this paper, we have replaced, quantity-based with price-based techniques and proposed the MNL to capture more choice probabilities Computation results indicate the obtained revenue by using proposed model for deciding about the most appropriate product for offering to the customers.

Keywords:

price-based techniques , multinomial logit model (MNL) , dynamic pricing , revenue management (RM)